Between festive meals and catching up with loved ones, you might reflect on what matters most—family, memories, and the legacy you want to leave behind. At Goyette, Ruano & Thompson, Inc., we believe estate planning isn’t just about paperwork—it’s about protecting your family, honoring your wishes, and preparing for the years ahead. Whether you’re updating your plans or starting fresh, here are practical tips to help you plan effectively this holiday season.
It’s Never Too Early to Start Planning Ahead
The holidays are a great reminder to start planning now, so your loved ones don’t face uncertainty later. Take this time to review your existing estate plan or start one if you don’t have one yet. Key documents like wills, trusts, and powers of attorney can help make sure your family’s future is secure. For instance, you might want to name someone to make medical decisions for you if you’re unable, or set up a trust to fund your children’s education.
Understand the Tax Implications of Your Estate
It’s the season of giving, and gifting money or assets to loved ones now could help reduce the taxable value of your estate later.
A California estate planning lawyer can help you use strategies like charitable giving, annual exclusions, or trusts to minimize tax burdens and maximize what your family inherits. This ensures your hard-earned assets stay where you want them—within your family or supporting causes you care about.
Update Your Beneficiary Designations
Did you know that your life insurance policy or retirement account won’t automatically follow the instructions in your will? You should update your beneficiary designations regularly.
Let’s say you got married, divorced, or welcomed a new child this year. Updating your designations helps to ensure your assets go to the right people. Imagine the peace of mind knowing your new spouse or child is properly cared for. A lawyer can help you align these updates with your overall estate plan to avoid conflicts later.
Communicate Your Wishes to Loved Ones
The holidays are one of the few times families gather in one place, so it can be the perfect time to talk about your plans for the family and the future. For example, you could share why you’re leaving a cherished heirloom to one sibling or how you’d like your medical care handled if you fall seriously ill.
Open communication helps avoid misunderstandings and keeps everyone on the same page. A lawyer can help you clearly outline your wishes in your estate plan, so your family has a roadmap to follow when it matters most.
Plan Today for a Peaceful Tomorrow
The end of the year is the perfect time to look ahead and take control of your future. Contact Goyette, Ruano & Thompson, Inc. to schedule a consultation and start creating an estate plan that fits your needs. Let us help you protect what matters most and give you peace of mind as you start the new year.